MMTC Vizag H1 sales zoom 195%

State-owned MMTC India Limited's Visakhapatnam regional office has registered a 195 per cent growth in business turnover in the first half of the current fiscal, as compared to the last fiscal's corresponding period.

"During the first six months of the current fiscal, MMTC Vizag office's business turnover touched the Rs 1,000-crore mark as compared to Rs 340 crore achieved in the last fiscal's corresponding period; thus posting a growth of nearly 195 per cent," a senior officer at MMTC told Business Standard.

The realisation on iron ore exports has increased by about $5 a tonne of ore in the current fiscal. Around three lakh tonnes of coking coal and met coke was imported and was supplied to Steel Authority of India Limited (SAIL) and Visakhapatnam Steel Plant (VSP) during the period under consideration.

"Our regional office achieved a total turnover of around Rs 800 crore last fiscal. We expect to achieve a total turnover of Rs 1,600 crore by the end of this fiscal. Though we achieved considerable growth in business in the first half of the current fiscal, we will not be able to maintain the same trend in the next six months due to a significant hike in commodities' prices. We are, therefore, lowering our sales turnover target for the next six months to about Rs 600 crore only," he added.

"The cost of one ounce of gold, which was $250 in the international market one-and-half-a-year back, has increased to around $400 in the last three months. At present, one ounce of gold costs $422. Because of this, there was no considerable growth in our gold sales in the last two months," he said.

"MMTC Vizag office sold around Rs 95 crore worth of gold last fiscal. In the first five months of the current fiscal, MMTC sold close to Rs 340 crore worth of gold," the official said.